Saudi Arabia’s Maaden signs MoU with GE to discuss digital cooperation in mining sector

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The Saudi Arabian Mining Company (Maaden) signed a strategic memorandum of understanding (MoU) with General Electric (GE). (SPA)
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The Saudi Arabian Mining Company (Maaden) signed a strategic memorandum of understanding (MoU) with General Electric (GE). (SPA)
Updated 20 July 2018
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Saudi Arabia’s Maaden signs MoU with GE to discuss digital cooperation in mining sector

RIYADH: The Saudi Arabian Mining Company (Maaden) signed a strategic memorandum of understanding (MoU) with General Electric (GE) on Thursday, which focused on exploring possible opportunities to support digital transformation in the industrial sector.
The two sides discussed opportunities for cooperation in advanced technical solutions that included the entire chain of Maaden’s mining operations, including activities at gold, copper, aluminum and phosphate sites.
The MoU includes utilizing GE’s technological expertise and modern applications in digital transformation, with Maaden to lead the company’s digital transformation programs.
The agreement is part of Maaden’s drive to partner with leading technology and digital solutions to leverage opportunities in technological innovation and the modern digital revolution, invest in leading technologies in its operations around the Kingdom, and enhance the company’s competitiveness as a major company in the mining sector both regionally and globally.
Maaden’s digital mining solutions will improve the company’s business by improving energy costs, enhancing reliability and efficiency of performance and productivity, while improving maintenance costs.
“The Kingdom is at the forefront of the digital transformation efforts in the industrial sector in the region with an ambitious vision. We are proud to support these ambitious visions and meet their goals,” said Darren Davis, Maaden Chief Executive Officer.
Davis stressed that a sustainable mining sector is one of the key pillars of the national economy, saying: “We are confident that our partnership with GE will be a qualitative leap toward achieving these goals and enhancing our competitiveness and sustainability through effective digital industrial solutions.”
“We are keen to build constructive partnerships with the industrial sector around the world to deliver innovative digital solutions that support operations.
“Major companies such as Maaden are of immense importance, and we recognize the impact of improved operations and enhancements,” said GE CEO Bill Roh, referring to its efficiency over other companies, and the Saudi economy as a whole.
“By collaborating to develop industry-specific and environment-friendly solutions in which Maaden manages its operations, we are moving toward achieving the desired digital transformation plans that we believe will deliver significant positive results,” added Roh.
The MoU aims to achieve the goals of Maaden, a pioneer in the Saudi mining sector, to accelerate the digital transformation of the Saudi mining sector, in line with the objectives of the Kingdom’s Vision 2030.
Maaden is working to take advantage of digital and technological transformation strategies and maximize its impact on all the company’s activities and products.
The construction of the largest 450-km treated water pipeline from Taif to support the company’s mining operations in the region, as well as the creation of artificial lakes in Ras Al-Khair for recycling water for industrial uses, are among the most prominent projects that reflect the company’s commitment to sustainability and achieving solutions, in addition to innovation and sustained economic growth, creating a professional environment that enhances talent capabilities, and ensuring the best service for communities within their professional fields.


Iran anti-money laundering law faces challenge as deadline looms

Updated 18 August 2018
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Iran anti-money laundering law faces challenge as deadline looms

  • Iran has been trying to implement standards set by the Financial Action Task Force
  • Foreign businesses say legislation that includes FATF guidelines is essential if they are to increase investment

DUBAI: A top Iranian constitutional body has demanded changes to anti-money laundering measures passed by parliament, state-run media said on Saturday, as Tehran nears a deadline to pass legislation to help it attract investment while facing USsanctions.
Iran has been trying to implement standards set by the Financial Action Task Force (FATF), an inter-governmental organization which underpins regimes combatting money laundering and terrorist financing. It hopes it will be removed from a blacklist that makes some foreign investors reluctant to deal with it.
In June, FATF said Iran had until October to complete the reforms or face consequences that could further deter investors from the country, which has already been hit by the return of US sanctions. {nL5N1UY39D]
Hard-liners in parliament have opposed legislation aimed at moving toward compliance with FATF standards, arguing it could hamper Iranian financial support for allies such as Lebanon’s Hezbollah, which the United States has classified as a terrorist organization.
The Guardian Council, which vets legislation passed by parliament for compliance with the constitution, objected to four items in the anti-money laundering amendments and returned the measure to parliament, spokesman Abbas Ali Kadkhodaei was quoted by the judiciary’s news agency Mizan as saying.
Kadkhodaei did not give details of the four items, according to Mizan.
Earlier this month, the Guardian Council approved legal amendments on combating the funding of terrorism.
Supreme Leader Ayatollah Ali Khamenei said in June parliament should pass legislation to combat money laundering according to its own criteria.
Foreign businesses say legislation that includes FATF guidelines is essential if they are to increase investment.